MiCAR

The German government has broken up. But what does this mean for the long-delayed adoption of the accompanying legislation for the MiCAR transition and which legal framework will the German crypto industry operate within as of 30 December 2024?

Crypto service providers from non-European countries such as the USA, Switzerland and the UK are also interested in doing business on the old continent under MiCAR. However, ESMA is making it more difficult for such companies to enter the market with its recommendations to the relevant national supervisory authorities.

In a few months, all MiCAR provisions will be legally effective. This also includes the new rules on the prevention and prohibition of market abuse and insider trading. But which market participants must comply with the new strict obligations?

ESMA has been tasked with providing guidelines by the end of the year to facilitate the legal assessment of the legal nature of tokens as crypto assets under MiCAR and as financial instruments under MiFID2. ESMA has already published an initial draft of the guidelines.

Under MiCAR, it will be practically impossible for crypto service providers from the USA, Switzerland or other third countries to serve European customers without a MiCAR license on the grounds of passive freedom to provide services. What exceptions will remain?

Under the regime of the new MiCAR, crypto advice will be subject to authorization. However, this includes not only advice on transactions with crypto assets, but also advice on the use of crypto services. What are the implications for referrers?

MiCAR will to full extent enter into effect at the end of this year. Then, also the provisions on crypto asset whitepapers of MiCAR will become applicable. But what consequences will then have the publication of an incorrect whitepaper?

At the beginning of April 2024, the Federal Ministry of Finance published two new regulations for consultation, the MiCAR-TransitV and the MiCAR-AntragsV, which are intended to regulate the transition to the MiCAR-regime for CASPs. as of when can applications be submitted to BaFin?

The issuance and public offering of E-Money Tokens will soon only be possible in compliance with MiCAR regulations. What do issuers of E-Money Tokens then have to consider?

On December 30 of this year, MiCAR comes into force in its entirety and with it the regulations on crypto asset whitepapers. Under what circumstances may the operators of trading platforms be obliged to produce such a MiCAR whitepaper?

From June 30, 2024, the public offering of stable coins in the EU will be strictly regulated. What requirements does MiCAR actually place on issuers and providers of ART?

Numerous crypto asset service providers from the USA, Asia, Switzerland and the UK are interested in expanding into the EU in order to benefit from the regulatory opportunities offered by MiCAR. What options do they have to approach the move to Europe from a regulatory perspective?